Small business owners have mixed feelings about the economy

Fresh data from the National Federation of Independent Business shows that small business owners were having mixed feelings last month. While they remain uncertain about greater economic conditions, optimism about their business is still above the historical average.

On the main drag of Pinedale, Wyoming, is The Tire Store. Owner and mechanic Kirk Griggs is coming off a busy summer, straight into a busy fall.

“So hunting season right now, a lot of the locals get all ready before hunting season, and then they go and screw, you know, blow tires up in the mountains,” he said.

Which lands them at Griggs’. He orders new tires, puts them on, and throws the old ones onto a growing pile of junk tires. His only complaint is he’s paying a lot more for inventory these days.

“It's hard to keep up, honestly. But you know, out of the country, tariffs go up, this goes down. Everything's kind of — you have to keep an eye on it really closely,” he said, so that he can adjust customer prices, sometimes daily.

It's a similar story down the block at the Great Outdoor Shop, a mountain sports gear store. Manager Brandon Swenson snagged some fuel canisters for camping stoves, which come in 450, 230, and 100 gram sizes. Just this morning, he adjusted the price tag: “The 100 grams was $5.99, and then that jumped up to $6.99.”

Swenson said those adjustments became more frequent at the start of the year.

“It was getting a little annoying having to change all the prices on all the gears. We have to do that manually,” he said. But customers are absorbing it — the shop had record sales in August.

That’s pretty consistent with what’s showing up in national data.

“Small business owners are generally optimistic, are feeling fairly supported as far as sales,” said Holly Wade, executive director of the NFIB Research Center.

Small businesses are feeling a little less rosy about the next six months, she said. “You know, increased fuel prices, inflation pressures, but also a tight labor market.”

Factors like these, Wade said, along with shifts in consumer spending, are making entrepreneurs feel more hesitant about investing in their business.